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eClerx Services provides update on proposed buyback of shares

Capital Market 

Buyback size is Rs 234 crore; Buyback price is Rs 2000 per share

announced that the Share Buyback Committee of Board of Directors of the Company at its meeting held on 14 October 2016, inter alia, have determined the Final Buyback Price of Rs. 2,000 (the Buyback Price) and the final amount for Buyback to be Rs. 234 crore (the Buyback Size) excluding the transaction costs viz. brokerage, applicable taxes such as securities transaction tax, service tax, stamp duty etc. With the Buyback price of Rs. 2,000 and Buyback Size of Rs. 234 crore, the total number of shares to be bought back in the Buyback shall be 1,170,000 Equity Shares, representing about 2.87% of the total issued and paid-up equity capital of the Company as on 31 March 2016.The aforesaid terms of Buyback are within the maximum limits approved by the Board of Directors at its meeting held on 29 August 2016, and as approved by shareholders by special resolution, through postal ballot, results of which were announced on 14 October 2016.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, October 15 2016. 09:54 IST